Oilfield Services Sector Faces Near-Term Uncertainty; Q2 Season to Be 'Tricky,' BofA Securities Says

MT Newswires Live07-15 23:02

The oilfield services sector is facing near-term uncertainty from ongoing macro issues, with Q2 earnings season likely to be "tricky" for the sector, BofA Securities said in a Wednesday note.

"Geopolitical risk premium in oil price is here to stay," the investment firm said, noting the challenges of resuming pre-war transit through the Strait of Hormuz.

The macro-oil uncertainty and Middle East disruptions are expected to weigh on Middle East-focused oilfield services firms, while North American ones are poised for strong Q2 results and Q3 guidance, BofA Securities noted.

According to the brokerage, 2027 is likely to be the first year of upstream spending growth in three years, after declines in 2025 and 2026, buoyed by potential normalization in the Middle East situation and continued, albeit slowing, momentum in the North American market.

BofA Securities cut its price targets for several oilfield services companies, including SLB (SLB) to $56 from $60, Baker Hughes (BKR) to $71 from $75, and Halliburton (HAL) to $42 from $43.

Price: 47.43, Change: -0.12, Percent Change: -0.24

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